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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 29. PUBLIC WELFARE |
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Chapter 29-21. SMALL START-UP LOANS TO ESTABLISH SELF-HELP HOUSING FOR FOUR OR MORE RECOVERING SUBSTANCE ABUSERS |
Section 29-2106. LOAN PAYMENT REQUIREMENTS
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2106.1 The receiving group or entity shall repay each loan no later than two (2) years after the date on which the loan is made.
2106.2 The receiving group or entity shall be informed of the following:
(a) That monthly installments must be made in the form of certified or cashiers check or money order. Each check shall reference the account number, and shall be paid to the D.C. Treasurer;
(b) That a schedule to repay the loan in less than two (2) years may be developed; and
(c) That advance payments may be made.
2106.3 A penalty of twenty-five dollars ($25.00) shall be assessed for each late payment.
2106.4 The Department shall notify the borrower of a missed payment which is more than thirty (30) days past due.
2106.5 The Department shall send regular notices to the loan recipient of delinquent accounts.
2106.6 Collection on delinquent accounts shall be attempted for at least six (6) months.
2106.7 The loan shall be considered in default when the borrower has failed to make six (6) consecutive installment payments.